Swiss Data Agency Claims No Contact with Facebook Over Libra

Michael LaVere
  • David Marcus told Congress on Tuesday that the FDPIC would oversee data protection and security for libra. 
  • Swiss agency claims to have had no contact with Facebook.

The Swiss agency supposedly responsible for overseeing the data protection of libra reports having no contact with Facebook. 

David Marcus Goes Before Congress

In a hearing held before members of the US Senate Banking Committee on Tuesday, Facebook’s David Marcus attempted to quell concerns over libra’s security.

Marcus explained that data and privacy protections for the company’s digital currency would be under the regulation of the Swiss Federal Data Protection and Information Commissioner (FDPIC). 

However, FDPIC claims to have had no contact with Facebook. 

No Word From Facebook

According to a report confirmed by CNBC, the social media platform has yet to reach out to FDPIC, despite Marcus’s testimony to Congress. 

Hugo Wyler, head of communication at FDPIC, told CNBC, 

“We have taken note of the statements made by David Marcus, Chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra.”

Wyler left the door open for his agency to work with Facebook, but explained they would need more information before proceeding. 

He continued, 

“We expect Facebook or its promoters to provide us with concrete information when the time comes. Only then will we be able to examine the extent to which our legal advisory and supervisory competence is given. In any case, we are following the development of the project in the public debate.”

A spokesperson for Facebook confirmed that they have yet to contact the FDPIC.

Libra Facing Pressure

Since officially announcing the digital currency in June, libra has come under fire from regulators around the world. US Federal Reserve Chairman Jerome Powell claimed the digital currency posed “serious concerns” for money laundering and user protection. On Tuesday, Marcus was repeatedly grilled by senators with questions related to data privacy. 

Marcus also told Congress that the Swiss Financial Markets Supervisory Authority (FINMA), would be the main financial regulator for Libra. Unlike the FDPIC, the Swiss regulator has confirmed its partnership with Facebook.

Facebook appears to have kicked a hornet’s nest in the US Congress over issuing its digital currency.

Last week, an unofficial copy of a bill surfaced online with the title “Keep Big Tech out of Finance.” The bill was reportedly drafted by members of the House Financial Services Committee--who will meet with Facebook on Wednesday--with the goal of preventing large platforms from issuing their own currency. 

Samsung to Add Crypto-Powered Streaming Service to 75 Million Devices

Michael LaVere
  • Samsung is pre-installing the crypto-powered streaming service Theta.tv into all new Galaxy S20 smartphones.
  • Theta.tv allows users to earn and share crypto tokens through their gaming and esports-centered platform. 

Samsung is embedding the blockchain-powered Theta.tv streaming service into its line of Galaxy smartphones. 

According to a press release published May 19, Samsung has partnered with Theta.tv to bring the gaming and esports streaming service to its lineup of Galaxy smartphones. The streaming platform is powered by the Theta token and blockchain and will enable millions of Samsung phone users to have direct access to their gaming-centered content. 

The release claims the service will be embedded within the Samsung Daily interface that is pre-installed on all new Samsung S20 smartphones in the United States. In addition to the S20, the update will also be applied to the Galaxy S10, S9, Note 10 and Note 9, encompassing a userbase of more than 75 million devices worldwide. 

Mitch Liu, co-founder and CEO of Theta Labs, said in the release,

We believe this commercial product launch is a critical inflection point in the adoption of the Theta Network globally. Our groundbreaking approach to streaming is a perfect fit for Samsung’s worldwide user base. It’s a huge step toward our goal of making Theta a global infrastructure for video content and data delivery.

Theta.tv allows users to earn tokens, dubbed TFUEL, for watching and sharing streams on the platform. Users can also transfer tokens through the service or trade them on crypto exchanges.

Featured Image Credit: Photo via Pixabay.com